Gross premiums in the life and non-life industries were continuing on the rise in 2019 before COVID-19. This growth in the insurance business is most likely due to increased demand for some life and non-life insurance plans, such as car insurance. In a lot of countries, as premiums soared, so did claims payments. The trend increases even in the coming years.
Insurance companies all over the world are navigating difficult economic markets. As long as the pandemic-induced financial crisis persists, industry participants will have to balance volatile investment, business, and regulatory conditions in the future.
Check out these trends in the insurance industry:
Increased demand for health and wellness services
The COVID-19 pandemic has pushed customer worries about health and wellness to the forefront. Insurers have responded by adding a variety of digital health and wellness products and services to their standard medical and life insurance policies. Carriers that build a strong footprint across the health ecosystem rapidly will earn a significant competitive edge.
Phygital has become the industry standard
Carriers’ old channels will be displaced as the major point of consumer connection by digital service and distribution channels–although physical channels and specialists will continue to be sought for guidance on complex decisions and offerings. During the epidemic, consumers flocked to digital services, and few will revert to their prior behaviors.
More insurers are branching out into areas other than insurance
Advances in digital technology are providing a slew of new options for insurers looking to branch out outside their conventional markets. This trend will be accelerated by the flat premium revenues and dismal investment returns expected for 2021. Carriers are likely to announce some unexpected agreements as they seek to diversify their revenue streams.
Products with a narrow focus stand out
In the aftermath of the COVID-19 outbreak, insurers released a slew of novel risk-management products. Business-continuity insurance for small businesses, cyber-threat protection, pandemic insurance, and event-cancellation plans will all see increased demand.
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